The Encryption Software Market likely to Surge at $21.11 Billion by 2028

The Encryption Software Market likely to Surge at $21.11 Billion by 2028

“Global Encryption Software Market”
According to Triton’s research report, the global encryption software market attained $6.88 billion in 2019. It is further expected to witness growth at a CAGR of 13.25% by 2028.

A recent study by Triton Market Research titled ‘Global Encryption Software Market’ entails the Global Analysis and Forecasts by End-user (Healthcare, Retail, Aerospace & Defense, Government & Public Sector, IT & Telecom, BFSI, Media & Entertainment, Others), Organization Size (Medium & Small Enterprises, Large Enterprises), Component (Software, Services), Function (Disk Encryption, File/Folder Encryption, Communication Encryption, Cloud Encryption), Deployment (On-Premise, Cloud), and by Geography (Middle East and Africa, North America, Latin America, Asia-Pacific, Europe).

Encryption software entails different software-based encryption technologies, which are utilized for safeguarding stored data in computing devices. It also protects the data that is transferred over the internet. The encryption technology is one of the fastest-emerging data security solutions, guarding confidential information against being retrieved by unintended users.  

 

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Triton Market Research’s report infers that the global encryption software market is expected to register growth at a CAGR of 13.25% during the projected years of 2019-2028. It is further probable to attain revenue worth $21.11 billion by 2028.

The increase in the number of incidences of data breaches and force attacks, along with increased compliance regulations, are significant elements driving the advancement of the market. The rise in digitalization is influencing the demand for hardware encryption. Moreover, the rapid surge in the brute force attacks has soared the need for encrypted devices to protect confidential data. However, the limitations on the use of encrypted devices in some countries and high capital investment restrict the encryption software market’s expansion on a global scale.

The global encryption software market is segmented into end-user, organization size, component, function, and deployment. Based on end-user, the market is sectioned into healthcare, retail, aerospace & defense, government & public sector, IT & telecom, BFSI, media & entertainment, and others. The organization size is bifurcated into medium & small enterprises and large enterprises. Similarly, component is bifurcated into software and services. In terms of function, it is divided as per disk encryption, file or folder encryption, communication encryption, and cloud encryption. Lastly, deployment segment is branched into on-premise and cloud.

Globally, the North America region is known to hold the largest market for encryption software, and is expected to maintain its dominance till 2028. The United States is the primary producer of IT and security products, having the most developed and documented laws relating to encryption. Moreover, the country does not have heavy restrictions on the domestic use, creation, or sale of encryption products. It also has no limitations on importing cryptography systems, which is generating favorable conditions for the market’s growth in the country and the overall region.

The leading establishments in the market comprise International Business Machines Corporation, Microsoft Corporation, McAfee LLC, Symantec Corporation, Trend Micro Incorporated, Dell Inc, Proofpoint, Broadcom Inc, Sophos Holdings Ltd, Check Point Software Technologies, Oracle Corporation, Cisco System Inc, FireEye Inc, Palo Alto Networks Inc, and Fortinet Inc.    

 

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Question & Answer: Encryption Software Market

Question 1: What major elements are driving the advancement of the encryption software market?

Answer: The increase in the number of incidences of data breaches and force attacks, along with increased compliance regulations, are significant elements driving the advancement of the market. The rise in digitalization is influencing the demand for hardware encryption. Moreover, the rapid surge in the brute force attacks has soared the need for encrypted devices to protect confidential data.

Question 2: What elements are restricting the encryption software market’s expansion?

Answer: The limitations on the use of encrypted devices in some countries and high capital investment restrict the encryption software market’s expansion on a global scale.

Question 3: Which region is dominating the encryption software market?

Answer: Globally, the North America region is known to hold the largest market for encryption software, and is expected to maintain its dominance till 2028. The United States is the primary producer of IT and security products, having the most developed and documented laws relating to encryption. Moreover, the country does not have heavy restrictions on the domestic use, creation, or sale of encryption products. It also has no limitations on importing cryptography systems, which is generating favorable conditions for the market’s growth in the country and the overall region.

Question 4: Which are the leading establishments in the encryption software market?

Answer: The leading establishments in the market comprise International Business Machines Corporation, Microsoft Corporation, McAfee LLC, Symantec Corporation, Trend Micro Incorporated, Dell Inc, Proofpoint, Broadcom Inc, Sophos Holdings Ltd, Check Point Software Technologies, Oracle Corporation, Cisco System Inc, FireEye Inc, Palo Alto Networks Inc, and Fortinet Inc.    

 

Related Report:

Global Cyber Security Market

The global cyber security market is evaluated to progress at a CAGR of 10.65% during the forecast period of 2019-2028, while gaining revenue worth $308.75 billion by 2028.

Cyber threats refer to the internet-based risks that involve efforts to disrupt information systems and hack private information using malware, spyware, and phishing. In such a scenario, cyber security solutions assist enterprises and individuals monitor, detect, report, and counter cyber threats to safeguard data confidentiality.

Furthermore, the adoption of cyber security solutions is likely to surge in the coming years, owing to the rising penetration of the internet in both developing and developed nations. Additionally, the advancement in the wireless network in the mobile devices has surged data vulnerability, which makes cyber security an essential element within every organization.

The rising virus risks among enterprises, upscale in need for cloud-based cyber security solutions, and adoption of IoT and BYOD are aspects that are driving the market’s evolution. On the flip side, complicated designs of device security, limited funds with SMEs, and inadequacy of cyber security professionals are hampering the cyber security market’s development worldwide.

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